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Jan 27, 2013
01/13
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delaying the debt ceiling, which i said they need to do to -- what are they buying with the few months? not bad forcing the senate to address the budget but what they are not doing, we are not having a national discussion of the medicare numbers we were talking about. we are not having a diagnostic consensus in this country. that, my god, we are going broke which gets you -- they do not go --. >> and i say one thing? the word was used "transformational" and doug said he wants to transform into more of a liberal president. where he ought to be, and we are political insiders association i would give him this political advise, he wanted to be a ronald reagan. he wanted to a transformational president. just as only nixon could go to china, only an african-american re-elected democratic president we can be the guy to take the entitlements and fix them for the long term but he doesn't want to. >> he wants to expand them and transform america. >> they will be bankrupt. >> johnson and fdr got circumstances percent of the vote. >> the new mantra, is debt doesn't matter. >> someone else's proble
delaying the debt ceiling, which i said they need to do to -- what are they buying with the few months? not bad forcing the senate to address the budget but what they are not doing, we are not having a national discussion of the medicare numbers we were talking about. we are not having a diagnostic consensus in this country. that, my god, we are going broke which gets you -- they do not go --. >> and i say one thing? the word was used "transformational" and doug said he wants to...
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Jan 31, 2013
01/13
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ceiling at some point. of course we're going to have to until we get to the point where we have balanced budgets and don't have to continue to run deficit spending. and by the way, i don't think that it's desirable or optimal to cross into that threshold where we are living under the rules of prioritization, because it's very disruptive to not be paying all the other bills on time, as we ought to. that's much better. but my point is there is something even more important here, and that is to fundamentally bring our spending and deficits under control. trillion-dollar deficits, a total debt that now exceeds the total economic output of our country. this is -- we have got a disastrous fiscal situation on our hands. it's right now costing us jobs, costing us economic growth today, and it's guaranteed to result in a full-blown fiscal crisis and a meltdown if we don't change the path we're on. the only time we have ever been able to persuade this president to agree to significant spending reductions was the last
ceiling at some point. of course we're going to have to until we get to the point where we have balanced budgets and don't have to continue to run deficit spending. and by the way, i don't think that it's desirable or optimal to cross into that threshold where we are living under the rules of prioritization, because it's very disruptive to not be paying all the other bills on time, as we ought to. that's much better. but my point is there is something even more important here, and that is to...
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Feb 1, 2013
02/13
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KRCB
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and it's at that point when boehner says to the president, "hey, you know, on this debt ceiling stuff, we ought to do something big." >> narrator: on and off for weeks, obama and boehner met in secret. >> boehner calls these "the nicorettes and merlot sessions." the president is having iced tea and chewing a nicorette. and boehner is having a glass of merlot red wine and smoking a cigarette. >> narrator: it was obama's dream negotiation. a bipartisan deal. >> if the speaker and the president could come to a deal, and they both, as we used to say, hold hands and kind of jump off the ledge together, then they could not ram through, but they surely, with the strength of their positions, would have a very good chance to sell them the package. >> narrator:he psident offered entitlement cuts. the speaker offered increased revenue from taxes. with less than two weeks to go, they thought they had a deal. it became known as the grand bargain. >> it's not every day that the speaker comes to see the president quietly and says, "i'm willing to do a deal" that everybody knows is going to be danger
and it's at that point when boehner says to the president, "hey, you know, on this debt ceiling stuff, we ought to do something big." >> narrator: on and off for weeks, obama and boehner met in secret. >> boehner calls these "the nicorettes and merlot sessions." the president is having iced tea and chewing a nicorette. and boehner is having a glass of merlot red wine and smoking a cigarette. >> narrator: it was obama's dream negotiation. a bipartisan deal....
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Jan 29, 2013
01/13
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CURRENT
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part of the point of the short-term debt ceiling extension just passed last week was sort of to try and leverage their position in the sequester-related discussion of $1.2 trillion of autoic spending cuts set to kick in on march 1st which are delayed two months with the fiscal cliff deal. they're hoping to extract spending cuts from president obama. if not that fight, then in the next debt ceiling fight the next debt ceiling fight. the demand nor spending cuts isn't going to go anywhere. >> bill: barney frank, he would be fired up, ready to go. he knows she is issues. he knows the fiscal issues better than anybody else. >> deval patrick said he would be happy to have him. he didn't endorse it per se but he expressed sort of opens to the idea. >> wouldn't be a big learning curve for barney. >> bill: no, not at all. i think it would be very tough for governor patrick not to appoint him. i mean who else could step in and have all of the information and all of the experience you need to really fight for the people. >> i was going to say -- >> bill: now, of course, so is it is sort of a reli
part of the point of the short-term debt ceiling extension just passed last week was sort of to try and leverage their position in the sequester-related discussion of $1.2 trillion of autoic spending cuts set to kick in on march 1st which are delayed two months with the fiscal cliff deal. they're hoping to extract spending cuts from president obama. if not that fight, then in the next debt ceiling fight the next debt ceiling fight. the demand nor spending cuts isn't going to go anywhere....
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Jan 24, 2013
01/13
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MSNBCW
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. >> well, i love the idea, i think the only problem with the suspend the debt ceiling and make it go away, is a three-month part, suspend it. but the no pay, is getting misreported. i imagine this is part of the 27th amendment you point out, it is not no budget, no pay. if they don't pass a budget they don't get paid until the final day of the session. it is no budget, you get paid later. but you get all of your money kept in an escrow account, all handed to you on the last day of the session. it is not the same as no budget, no pay. just one more thing about the bill that is not quite on the level. >> and it is not actually a budget they're talking about. all they're talking about is each body talking about passing a resolution, which is not a law, and doesn't change anything. it is just a resolution, a promise to do something in the future. and the way they have written it, apparently ezra, if the senate passes one, then okay, the senate can get paid. if the house passes one then house members can get paid. but the 27th amendment very simply says no law varying the compensation of
. >> well, i love the idea, i think the only problem with the suspend the debt ceiling and make it go away, is a three-month part, suspend it. but the no pay, is getting misreported. i imagine this is part of the 27th amendment you point out, it is not no budget, no pay. if they don't pass a budget they don't get paid until the final day of the session. it is no budget, you get paid later. but you get all of your money kept in an escrow account, all handed to you on the last day of the...
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Jan 24, 2013
01/13
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. >> greta: every time we hit one of the mile posts, whether it's sequestration or debt ceiling, taxes going up, whatever it is, what happens is the solution is just to extend is somehow and create another hurdle in a certain period of time and when we get to that point we do it again. i mean. >> that's not the best way to do it. >> greta: is there ever going to be a finality to this. >> one way or the other because there will come a point where the debt will deal with us if we don't deal with it. no doubt it has to be dealt with, we would hope we would deal with it it before that point of crisis before we become europe or one of the places that scramble to deal with it that should been dealt with a long time. the president of the united states gave his inaugural address on monday and barely mentioned the national debt and the fundamental argument only way for the middle class and create prosperity in america is for the government to have more control over our economy, more taxes, more regulations, more spending. there's a fundamental difference between the president's view of our futu
. >> greta: every time we hit one of the mile posts, whether it's sequestration or debt ceiling, taxes going up, whatever it is, what happens is the solution is just to extend is somehow and create another hurdle in a certain period of time and when we get to that point we do it again. i mean. >> that's not the best way to do it. >> greta: is there ever going to be a finality to this. >> one way or the other because there will come a point where the debt will deal with...
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Jan 24, 2013
01/13
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CNBC
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ceiling. on the other hand, despite all of that liquidity, we have mediocre employment growth, manufacturing data, while it has improved is still around that recessionary line of 50 and to your point around m2 that's very interesting and yet we're still at record low velocity of money. that's very scary. all this money pumped into the system is sitting on the balance sheets of banks, corporations. >> nominal gdp is starting to rise. >> slowly. >> what about the information revolution? now, you made an important point. so far why should raise taxes on investors, terrible idea. i'm hoping do no harm, maybe some small spending cuts so that's not going to be a factor. i don't see a debt default. i think that's off the table. what blt american energy revolution, what about the growth, what about the cheap natural gas and what about how that makes america so competitive? i'm only talking 2.5% growth, not 3%, 4, 5% growth. >> the fertilizer trusts are on fires. ammonia is going to be cheap, that's te
ceiling. on the other hand, despite all of that liquidity, we have mediocre employment growth, manufacturing data, while it has improved is still around that recessionary line of 50 and to your point around m2 that's very interesting and yet we're still at record low velocity of money. that's very scary. all this money pumped into the system is sitting on the balance sheets of banks, corporations. >> nominal gdp is starting to rise. >> slowly. >> what about the information...
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Jan 25, 2013
01/13
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. >> well, i think that the real turning point for this president was that debt debate over the debt ceiling in july and august of 2011 and there an opportunity there and it came close, and i will not ascribe blame because there is probably enough going around when it looked like the president and john boehner were able to make a grand bargain, 3, $4 trillion in deficit reduction, it fell apart and rightly or wrongly it seems clear that the president and the white house decided at that point, we can't do business with these guys. boehner can't control the tea party element in his own house. and we're going to have to start running for president and running for president, pushing a liberal agenda. really from mid-summer, boehner says from labor day of 2011, he was very much running for president, pushing the liberal agenda. he was the protector of the middle class. and it is continued up through his re-election and now we see it in his inaugural address, very little talk about common ground. you know he basically dismissed his republican opposition as absolutism, as name-calling. i th
. >> well, i think that the real turning point for this president was that debt debate over the debt ceiling in july and august of 2011 and there an opportunity there and it came close, and i will not ascribe blame because there is probably enough going around when it looked like the president and john boehner were able to make a grand bargain, 3, $4 trillion in deficit reduction, it fell apart and rightly or wrongly it seems clear that the president and the white house decided at that...
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1.1K
Jan 28, 2013
01/13
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FBC
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the next thing is the debt ceiling which was a big leverage point and republicans kicked that can down the road. all you have left is the sequester. a lot of votes stores are on the sidelines worried about political risk and but a lot of political risk has been removed. tracy: you said kicked down the road but it will come back. you're talking about short-term euphoria for a while, correct? >> correct. the fed money policy is a huge driver. they're in the process of a financial repression regime where you look at different asset classes like treasury bonds. they're incredibly expensive. you don't make anything after cash. you lose money after inflation, right? tracy: right. >> what are your options? they're trying to drive people into risk assets. as investors look into high-yield bond or certain types of mortgage-backed securities they have become very rich. the only thing really left is equities. it is almost a process of elimination for investors. they end up driving equities higher. tracy: that's what we've seen in the month of january, we've seen a lot of inflows into the market.
the next thing is the debt ceiling which was a big leverage point and republicans kicked that can down the road. all you have left is the sequester. a lot of votes stores are on the sidelines worried about political risk and but a lot of political risk has been removed. tracy: you said kicked down the road but it will come back. you're talking about short-term euphoria for a while, correct? >> correct. the fed money policy is a huge driver. they're in the process of a financial repression...
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Jan 24, 2013
01/13
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CURRENT
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debt ceiling, and then put the pressure on somebody else, namely the senate. but they are going to put forth a budget pretty soon that is really going to be an important % contrast for the american people to see. they are going to try to balance the budget in ten years, which you cannot do without slashing medicare and medicaid, and social security. so the american people will get, i think, a very good look at the way republicans want to balance the budget and do deficit reduction and the way democrats do. we actually went through this with paul ryan's budget which was so egregious the leader of his party had to back away from it in the campaign. >> stephanie: yeah, it was seen as sort of a slap at the senate but they are calling it the no budget, no pay idea. it has been regarded by a lot of people as a gimmick. here they go. it's a new way to play some sort of partisan games right? >> exactly. and it doesn't guarantee that there will be a compromised budget agreement between the house and senate. they can pass one, just as the house can pass one. and that's
debt ceiling, and then put the pressure on somebody else, namely the senate. but they are going to put forth a budget pretty soon that is really going to be an important % contrast for the american people to see. they are going to try to balance the budget in ten years, which you cannot do without slashing medicare and medicaid, and social security. so the american people will get, i think, a very good look at the way republicans want to balance the budget and do deficit reduction and the way...
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Jan 24, 2013
01/13
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the last time the house republicans played political games with the debt ceiling, august 20 11, our economy produced the lowest job growth in three years. during that two-month period, the dow jones plummeted 2,000 points including one of its worst single day drops in history, 635 points on, on august 8. s&p downgrade the u.s. credit rating for the first time in history. leading republicans in june, 2011, criticized the notion of a short-term debt ceiling increase as providing a lack of certainty. the majority leader said, i quote, we feel very strongly that one of the reasons we continue to see an ailing economy is that people have very little confidence, have very little senchity in terms of where we are headed, end of quote. and our ways and means chairman echoed that feeng only days later, saying aut the prospect of a short-term debt ceiling increase, in quote, it does not give you certainty. this bill does not give certainty but uncertainty. the action we took new year's day to avoid the fiscal cliff brought our total deficit reduction over the past two years to $2.5 trillion. what's m
the last time the house republicans played political games with the debt ceiling, august 20 11, our economy produced the lowest job growth in three years. during that two-month period, the dow jones plummeted 2,000 points including one of its worst single day drops in history, 635 points on, on august 8. s&p downgrade the u.s. credit rating for the first time in history. leading republicans in june, 2011, criticized the notion of a short-term debt ceiling increase as providing a lack of...
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Jan 28, 2013
01/13
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CNBC
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at the same time, they've pushed off the debt ceiling for a few months. so the body language out of washington has been more constellatory. so when you get to this point where you think about what the deficit might look like this year, i don't think you're going to be looking at a balanced budget so soon. you can't sustain trillion dollar deficiter year after year after year doubling the debt so many years and still think that the market is going to accept that over time. they know the market needs to move away from this, but it's going to away longer process. >> kevin and mike will be with us for the rest of the hour. >> and it's time for the global markets report. kelly evans is standing by in london. i could string up a lot of thing to talk to you about, kelly. you're very close to davos. i don't know. we -- i don't really feel like i've missed anything, really. but you're still close. you could have jetted over there easily and joined in with, you know, john legend and charlie thero this e, andrew ross sorkin. >> i was hoping maybe some of those peopl
at the same time, they've pushed off the debt ceiling for a few months. so the body language out of washington has been more constellatory. so when you get to this point where you think about what the deficit might look like this year, i don't think you're going to be looking at a balanced budget so soon. you can't sustain trillion dollar deficiter year after year after year doubling the debt so many years and still think that the market is going to accept that over time. they know the market...
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Jan 28, 2013
01/13
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and we're not going to just keep raising the debt ceiling. we're going to make a down payment on debt reduction, and we're going to point the country in the right direction, we're going to cut spending. [applause] you know, there will be times p when conservatives disagree on the way forward. we've never marched in lockstep. that's not what we do. a healthy debate is a good and needed thing. we can deliberate in private without fighting in public. all we should ask of each other is that we give an honest account of our actions and their reasons for them. we should challenge the left, not each other. and if we take the prudent course, you know what? we'll be in really good company. our founders were men of prudence. take james madison. nowadays we call him the founder, the father of the constitution. but at the constitutional convention, he lost some key arguments. you know, he fought the plan to give each state the same number of seats in the senate. he thought it was deeply unjust. and at first he wants -- he wanted congress to be able to ve
and we're not going to just keep raising the debt ceiling. we're going to make a down payment on debt reduction, and we're going to point the country in the right direction, we're going to cut spending. [applause] you know, there will be times p when conservatives disagree on the way forward. we've never marched in lockstep. that's not what we do. a healthy debate is a good and needed thing. we can deliberate in private without fighting in public. all we should ask of each other is that we give...
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Jan 25, 2013
01/13
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debt ceiling change, they had to promise that paul ryan was going to produce a budget in a week that would balance the budget in ten years with no revenue increases. >> right. >> now, when you see what is going to happen to spending in order to meet those numbers, i'd like to see her go out there and say, this is the kind of thing the republican party should get behind and run behind because it's going to be ugly. >> richard wolffe, mary matalin is positive. there aren't a lot of republicans right now who are given what's happened. but again, we see shifts in party allegiances fairly quickly. it just does seem like my party is suffering a long-term letdown. to say the least. >> yeah. look, mary has a strong character, as we all know. the truth is that the president actually won and he won pretty big for his ideas. i didn't -- by the way, the president talking about cap and trade in his inaugural. he didn't say how he would address climate change. he said we have to address the impact of it. the question for republicans, i think, is what's the big idea? and it is what you keep advocat
debt ceiling change, they had to promise that paul ryan was going to produce a budget in a week that would balance the budget in ten years with no revenue increases. >> right. >> now, when you see what is going to happen to spending in order to meet those numbers, i'd like to see her go out there and say, this is the kind of thing the republican party should get behind and run behind because it's going to be ugly. >> richard wolffe, mary matalin is positive. there aren't a lot...